Avnet cuts costs amid expectation of missing earnings mark
Avnet Inc. said Tuesday it expects that net income for its fiscal third quarter will be "well below" management's predictions. The electronics distributor said cost-cutting measures already have been put into place. "We remain steadfastly committed to our financial goals despite current market conditions and, therefore, began taking corrective actions at the end of the March quarter and are in the process of taking further actions in the June quarter," said Chairman-CEO Roy Vallee. American City Business Journals/Phoenix (04/15)